Will I Be Able To Keep Tax Returns Once Bankruptcy?

Will I be able to keep my tax returns once I’m bankrupt?
Profile photo for Ruby Norta Gumapac
Ruby Norta Gumapac

You might be wondering if you will be able to keep your tax refund once you file for bankruptcy. The answer depends on where you live, and your attorney can give you advice based on local practices. Your lawyer will also help you understand your state's rules regarding property exemptions.

Filing a bankruptcy tax return

Filing a bankruptcy tax return is an important part of the bankruptcy process. Filing an income tax return while in the bankruptcy process is required by law. In addition to paying tax on the money you owe, you must also report any money that has been forgiven or disposed of in a bankruptcy estate. You can either include the forgiven debt as income, or you can exclude it.

If you need an Personal Bankruptcy Lawyer, please call this law firm for a free consultation.

Ascent Law LLC

8833 S Redwood Road Suite C

West Jordan UT 84088

(801) 676-5506

Utah Lawyer for Divorce Business Bankruptcy Probate Estates
Ascent Law helps you in divorce, bankruptcy, probate, business or criminal cases in Utah, call 801-676-5506 for a free consultation today. We want to help you.
https://www.ascentlawfirm.com
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Location: Draper, UT, USA

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